Acorda, Spectrum Pharma, FortuNet, more

MichaelBaron

Advancers

Acorda Therapeutics, Inc.
ACOR, +2.79%
shares skyrocketed Monday, more than tripling in value, after the company's announced positive results in a phase 3 study of Fampridine on walking people with multiple sclerosis. The study showed a significant improvement in walking speed and leg strength.

DJO Inc.
DJO
shares rose 9.4% after the company said it expects revenue for the third quarter to be at least at the upper end of its previous forecast of between $106 million and $108 million. The San Diego medical device company said it anticipates operating margins and earnings per share for the period to improve from its second-quarter performance consistent with previously disclosed expectations. DJO also said it remains on track to complete the integration of the Aircast business by the end of the year.

Educate Inc.
EEEE
shares surged 15% after the company said its board received a buyout offer from a management group to take the company private at $8 a share. Shares of the Baltimore-based education services provider closed Friday at $7.06. The offer came from R. Christopher Hoehn-Saric, chairman and chief executive of the company; Peter Cohen, president and chief operating officer; Christopher Paucek, president of Educate Products, Sterling Capital Partners LP; Sterling Capital Partners II LP and certain limited partners and co-investors of Sterling Capital Partners including Citigroup Private Equity. The company said the board will be reviewing the proposal.

Shares of GPC Biotech
GPCB
rose 34% while Pharmion Corp.
PHRM
shares leapt 20% after the companies said a Phase III trial to test satraplatin plus prednisone showed "highly statistically significant" progression-free survival in 950 patents with hormone-refractory prostate cancer. Patients who received satraplatin plus prednisone had a 40% reduction in the risk of disease progression compared to those with placebo and prednisone. GPC plans to complete a new drug application with the Food and Drug Administration by the end of 2006. Pharmion plans to file an application to the European Medicines Agency in the first half of 2007.

Hansen Natural Corp.
HANS
shares moved up 5.5% after the company upped its stock repurchase program by $25 million to $75 million. The company has already purchased $27.7 million. As of Sept. 12, Hansen Natural had 90 million shares of common stock outstanding.

JLG Industries Inc.
JLG, +1.86%
shares added 7.6% after the company reported fourth-quarter earnings of $48 million, or 45 cents a share, up from a year-ago profit of $36 million, or 35 cents a share. Revenue rose 21% in the three months ended July 31 to $688 million from $570 million in the same period a year earlier. The McConnellsburg, Pa., access equipment maker cited sustained strong demand for its products, especially new machines. The average estimate of analysts polled by Thomson First Call was for a profit of 42 cents a share in the July period on revenue of $659.1 million. Looking ahead, JLG forecast earnings of $1.72 to $1.82 a share for fiscal 2007, compared to Wall Street's current consensus estimate for a profit of $1.72 a share in the period. The company expects continued strong demand in the coming year with project revenue growth pegged 20% to 25% greater than its fiscal 2006 level of $2.3 billion.

Maritrans Inc.
TUG
shares jumped 44% after the company agreed to be acquired by Overseas Shipholding Group
OSG, +3.54%
for roughly $455 million, or $37.50 per share. Overseas, which plans to fund the deal through a combination of cash on hand and borrowing under existing credit facilities, said it anticipates the transaction will be immediately accretive to earnings per share. New York-based Overseas, which operates a tanker fleet of 115 vessels, expects the deal to close by the end of the year. Maritrans, headquartered in Tampa, Fla., operates a fleet of petroleum transport vessels. Maritrans' shares finished Friday at $25.50.

Sirva Inc.
SIR, +0.15%
shares gained 6% after the company said it's reached agreements to receive investments of $60 million from ValueAct Capital and $15 million from MLF Investments. Both firms are already Sirva shareholders. The Chicago relocation services company said Peter Kamin, a founding partner of ValueAct, and Kelly Barlow, a partner in ValueAct, will join Sirva's board.

Spectrum Pharmaceuticals
SPPI, -2.17%
shares soared 46% after the Irvine, Calif.-based company late Sunday announced positive results from its Phase III satraplatin trial. The data showed that the results for progression-free survival are highly statistically significant, the company said. Spectrum expects a new drug application to be submitted to the Food and Drug Administration by year-end, and that the European marketing application will be filed in the first half of 2007.

Decliners

Adept Technology Inc.
ADEP
shares fell 7.7% Monday after the company said it has discovered accounting errors, primarily involving consolidation of international subsidiaries, and the company reported preliminary fourth-quarter revenue, but not net income. Adept said preliminary quarterly revenue rose to $14.9 million from $14.4 million during the same period in the prior year.

Altria
MO, +0.21%
shares lost 6.4% after a federal judge paved the way for a jury trial against big tobacco by approving a class certification in a "lights" case that charges cigarette makers with racketeering. See full story.

Chiquita Brands International Inc.
CQB, +31.42%
shares sank 14% after the company said it plans to explore strategic alternatives for its shipping-related assets and suspend its quarterly dividend. The Cincinnati-based company also provided an update on the "challenging current market environment" and its expected third quarter results. In the third quarter, Chiquita said it has continued to experience markedly lower banana prices in both core European and trading markets, as well as excess fruit supply. Further, due to the current industry concerns regarding the safety of fresh spinach in the United States, the company's Fresh Express operations are experiencing lower sales and unforeseen costs. See full story.

FortuNet Inc.
FNET
shares fell 13% after the Las Vegas-based maker of mobile gaming systems said late Friday it expects third-quarter earnings to be roughly half of the earnings it recorded in the same quarter last year, due primarily to costs associated with the company becoming publicly traded. FortuNet said it expects third-quarter sales to increase from the year-ago quarter.

Microsemi
MSCC, -1.10%
shares lost 9.6% after the company said it now sees fourth-quarter earnings, excluding one-time charges, of 25 to 27 cents per share, compared with its prior view of 29 to 31 cents.

Microvision Inc.
MVIS, +0.00%
shares fell after the Redmond, Wash.-based developer of displays and imaging products said it expects 2006 sales of $8 million to $9 million. The company recorded sales of $14.7 million in 2005. Microvision attributed the lower revenue in 2006 to delays in obtaining government and commercial contracts, the decision to move

Revlon
REV, -3.74%
shares fell 12% after the company said it will step up reorganization efforts, discontinue the fledgling Vital Radiance line and slash 250 jobs, including those of some top executives. See full story.

Superior Energy Services Inc.
SPN, -0.34%
shares sank 11% after the company said it's reached a deal to acquire Warrior Energy Services Corp.
WARR
for about $175 million in cash and 5.3 million Superior Energy common shares. Operating in 10 states, Columbus, Miss.-based Warrior Energy provides a variety of natural-gas and oil well services. The deal furthers Harvey, La.-based Superior Energy's strategy of diversifying its business beyond the Gulf of Mexico. Superior Energy, which has secured a commitment for $200 million in long-term debt in connection with the deal scheduled to close in the fourth quarter, said the Warrior Energy acquisition is expected to contribute to earnings per share during 2007.

Walgreen Co.
WAG
shares fell 5.4% after the company said that fourth-quarter income rose 25%, helped by strong sales of prescription drugs. See full story.

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